Sending business payments from the US to Trinidad and Tobago
A US company pays a supplier, contractor or subsidiary in Trinidad and Tobago by SWIFT wire, usually in US dollars to the recipient's US dollar account at a local bank. Local businesses have faced a shortage of US dollars for years, so most suppliers want to be paid in US dollars and keep them.
- The Central Bank of Trinidad and Tobago has been combating foreign exchange shortages since 2015, and companies sometimes wait three to nine months to exchange TT dollar profits into US dollars.
- In the Chamber of Industry and Commerce's 2024 survey of 111 businesses, 58.6% said banks meet only 0 to 25% of their monthly foreign exchange demand.
- Citibank states that its local demand deposit accounts in Trinidad and Tobago are available in TTD and USD for corporate entities.
- Repatriation of capital, dividends, interest and investment gains may be transacted freely, according to the International Trade Administration.
- Citigroup is the only US bank in Trinidad and Tobago and does not offer retail services.
Details to collect from a recipient in Trinidad and Tobago
Banks in Trinidad and Tobago offer corporate accounts in TT dollars and US dollars. Ask the supplier for its bank's inbound SWIFT instructions for the US dollar account, including the US correspondent bank. The Central Bank publishes the list of regulated commercial banks, which you can use to confirm the bank name.
| Detail | What to ask for | Why it matters |
|---|---|---|
| Beneficiary name | Registered company name | Must match the account holder |
| Bank and SWIFT code | Full bank name and 8 or 11-character code | Routes the wire |
| Account number and currency | The USD account | A TTD account converts your dollars |
| Correspondent bank | The bank's US correspondent | Avoids extra hops |
| Address | Registered business address | Required on SWIFT wires |
| Reference | Invoice number and goods or service | Supports the bank's checks |
Sources: Citibank, Trinidad and Tobago account services; International Trade Administration. As published on 29 October 2026.
Why suppliers want US dollars
The International Trade Administration states that the Central Bank of Trinidad and Tobago has been combating foreign exchange shortages since 2015 through regular injections of US currency from reserves, and that companies sometimes wait three to nine months to exchange TT dollar profits into US dollars. The Chamber of Industry and Commerce's 2024 survey of 111 businesses found that 58.6% said banks meet only 0 to 25% of their monthly foreign exchange demand, and 34.2% waited more than four weeks.
For a US buyer, that makes the invoice currency a commercial point, not a technicality. A supplier paid in TT dollars may struggle to buy the US dollars it needs for its own imports, so it will usually ask to be paid in US dollars into its US dollar account.
| Invoice | Account | Effect for the supplier |
|---|---|---|
| USD | USD account | Keeps scarce US dollars for its own imports |
| USD | TTD account | Converted on arrival; the dollars are gone |
| TTD | TTD account | You convert; the supplier must later queue to buy US dollars |
Sources: International Trade Administration, Trinidad and Tobago; Chamber of Industry and Commerce survey. As published on 29 October 2026.
For TT dollar values, see the USD to TTD currency page, and for the local side, USD business accounts in Trinidad and Tobago.
Rails and arrival times
Payments from the United States reach Trinidad and Tobago by SWIFT through the local bank's US correspondent. Swift reports almost 100% of gpi payments credited within 24 hours. Citibank also offers New York demand deposit accounts, US dollar accounts held at Citibank, N.A. in New York, to corporate clients in Trinidad and Tobago; a supplier with one may ask you to pay it there, which is a domestic US payment.
| Route | What it is | Timing |
|---|---|---|
| SWIFT wire to a local bank | International wire to the supplier's USD or TTD account | Almost 100% of gpi payments within 24 hours |
| Payment to the supplier's New York account | Domestic US transfer to a USD account held in New York | US domestic timing |
Sources: Swift gpi; Citibank. As published on 29 October 2026.
Confirm any request to pay an account in New York or another country by phone with a contact you already know, and check that the account is in the supplier's own name.
Documents and checks
There is no exchange form on your side, and the International Trade Administration notes that repatriation of capital, dividends, interest and investment gains may be transacted without limits. Banks still check incoming payments: quote the invoice number and the goods or service, pay from the company named as buyer, and send the SWIFT confirmation to the supplier the same day.
For a subsidiary in Trinidad and Tobago, decide in the intercompany agreement whether payments are made in US dollars, which the subsidiary can then use for its own imports, or in TT dollars.
On the US side, every payment to a company in Trinidad and Tobago must pass sanctions screening: OFAC states that all US persons, including all US incorporated entities and their foreign branches, must comply with US sanctions, so the payer, the recipient and the recipient's bank are checked before the money moves.
Costs: Helm fees, intermediary deductions, SHA and OUR
Each bank in Trinidad and Tobago sets its own charge for incoming international transfers; ask the supplier what its bank deducts. On SHA wires, the US correspondent may deduct a fee in transit. Every SWIFT wire carries a charge code. OUR means the sender pays all charges, so the full amount should arrive. SHA means charges are shared: the sender pays its own provider, and intermediary banks may deduct their fees in transit. BEN means every charge comes out of the amount sent. Helm international payments show the rate, the fee and the expected arrival before you confirm, and the account manager confirms the route for each corridor.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Why payments to Trinidad and Tobago are delayed
| Cause | Prevention |
|---|---|
| Dollars sent to a TTD account by mistake | Ask for the USD account in writing |
| Correspondent bank missing | Include the bank's US correspondent |
| Name differs from the account holder | Use the registered company name |
| Unverified request to pay abroad | Confirm by phone with a known contact |
| SHA deductions | Send OUR |
Sources: Citibank; Helm Editorial Team. As published on 29 October 2026.
Checklist before you send
- Expect the supplier to ask for US dollars, and agree it on the purchase order.
- Ask for the US dollar account, not the TTD account.
- Include the bank's US correspondent.
- Verify any request to pay a New York or other foreign account by phone.
- Send OUR for full-value invoices.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Why does my Trinidad supplier want to be paid in US dollars?
Because US dollars are scarce locally. Companies sometimes wait three to nine months to buy US dollars, and most businesses surveyed in 2024 said banks meet only a small share of their demand.
Can a company in Trinidad and Tobago hold US dollars?
Yes. Banks offer corporate accounts in TTD and USD; Citibank, for example, offers local demand deposit accounts in both currencies to corporate entities.
What details do I need to wire money to Trinidad and Tobago?
The registered name and address, the bank's name and SWIFT code, the US dollar account number, the US correspondent and an invoice reference.
How long does a wire to Trinidad and Tobago take?
Swift reports almost 100% of gpi payments credited within 24 hours; the local bank then credits the account on a business day.
Can I pay my supplier's account in New York instead?
If the supplier holds a US dollar account in New York in its own name, paying it is a domestic US transfer. Confirm the request by phone first.
References
- International Trade Administration: Trinidad and Tobago Country Commercial Guide, Trade Financing
- Trinidad and Tobago Chamber of Industry and Commerce: Foreign Exchange Survey Report
- Citibank: Trinidad and Tobago account services
- Swift: Fast, transparent and trackable payments (gpi)
- U.S. Department of the Treasury, OFAC: Who must comply with OFAC sanctions? (FAQ 11)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.